Jim O'Neill: Calling China an emerging market is 'sort of ridiculous'

Jim O'Neill, former chief economist of Goldman Sachs, says calling China an emerging market is"sort of ridiculous."

The rise of the Chinese consumer will have a huge impact on the global economy as a whole. And the United States is likely to benefit from this growth, according to O'Neill.O'Neill, also a former U.K. commercial secretary to the Treasury, adds that China growing at more than 6 percent has an equivalent impact on the global economy as Germany growing at 18 percent.

He also says growth within India and China is contributing to the"biggest decline" in global inequality.

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